HYDERABAD: Owing to the new found political stability in the state capital, builders and developers point out that it is the best time to invest in property as the prices would not remain rock bottom for a long while.
At the inauguration of the Hyderabad Property Show organised by The Confederation of Real Estate Developers’ Association of India (CREDAI), they expressed confidence that brand Hyderabad, from here on, will emerge as a leading destination for real estate in the county.
The three-day show commencing Friday has over 100 stalls from developers, builders, financial agencies and banks, legal experts and even vastu experts, to provide an opportunity to find out best projects, prices, offers, etc.
Ponnala Lakshmaiah, IT minister, who was the chief guest at the event, said that Hyderabad’s per capita income, per capita power consumption, budget set aside for city over the last 10 years explain the growth of Hyderabad into a world class city. “With the animation and gaming park and ITIR project set in Hyderabad, there is no turning back for the city. However, we have to revisit policies and harness more of solar power,’’ he said. He was referring to the 50,000 acre ITIR region in the city which is expected to create 15 lakh jobs and thus cause huge demand for housing.
C Shekar Reddy, national president, CREDAI, stated, ‘’Presently, the real estate prices in Hyderabad are the lowest. Hence, it is the best time to purchase property in Hyderabad as we expect up to 50 per cent increase in residential apartment prices within 12 months.” He also noted that prices of property in Hyderabad were as low as about 40 per cent to what is available in other metros. S Ram Reddy, state president, CREDAI, speaking about the property show explained that people need to be informed about the availability, quality and prices of housing plots, villas, apartments and commercial spaces. Jaiveer Reddy, Hyderabad president, CREDAI, said that Hyderabad’s joint capital status for the next 10 years should further invite investments.
With infrastructure development projects like Outer Ring Road and Hyderabad Metro Rail project progressing in full swing, they equivocally vouched for better projects at affordable prices. “As of now, in areas closer to HMR, the prices vary from like Rs 3200 per sft in LB Nagar to Rs 4800 per sft in Hitec city. Project prices vary slightly from company to company based on the approach and proximity to economic centres and available amenities,” said a realtor.
Apartment spaces are available at about 5140 per sft in Kavadiguda to `2175 per sft in Sainikpuri. Kondapur, Gachibowli, etc feature among the expensive upmarket locality with prices ranging around Rs 5000 per sft.